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AbstractIn 2002, the European pharmaceuticals industry is as strong as ever. Apart from the expected expiry of Losec/Prilosec, the industry has a reasonably young product portfolio. In addition, many players project growth levels well above GDP--four out of the five rated pharmaceuticals companies reported double-digit sales growth in the first half of 2002 (see table 1). Compared with a few years ago, these players have better balanced portfolios of drugs, good near- to mid-term pipelines, and continue to benefit from lower cost bases following merger-related restructuring. European pharmaceuticals companies collectively represent one of Standard & Poor's most highly rated industries. Industry characteristics are positive and include very high EBITDA margins, even when compared with leading players from other highly rated...

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